In this everchanging environment, dynamic design and consulting is critical to the success of your plan. Whether your company has one, two, twenty or two hundred employees, we can design and administer a retirement program specifically for your company that will meet your current needs and change as your needs change.
Frank Pension Consultants, Ltd. provides the following services for your qualified retirement plan.
Frank Pension Consultants, Ltd. provides the following services for your qualified retirement plan.
Plan Design and Implementation
- We will work with you and your CPA to determine the retirement program that best meets your needs.
- We gather census information and the company’s budget constraints and prepare a retirement plan study
- Prepare plan documents for your signature and the Summary Plan Description to distribute to plan participants
Actuarial Services for Defined Benefit Plans
- Determine employee eligibility
- Maintain participant needs
- Prepare annual actuarial valuation that outlines the minimum, maximum and recommended contribution amounts
- Benefit calculations and distribution packages for former employees entitled to plan benefits
- Annual AFTAP Certification to report the plan’s funding percentage
- Employee benefit statements
Third Party Administrative Services
- Determine plan and benefit eligibility for employees
- Maintain participant records including contribution history, investment return and vesting percentage for “balance forward” type plans
- Reconcile trust accounts
- For plans not on a daily recordkeeping system, prepare individual participant statements
- Work with outside recordkeeper to process participant loans and distributions
Annual Compliance Services
- Prepare Form 5500 and related schedules for administrator signature and filing with the DOL or IRS as required
- Prepare PBGC form if required for defined benefit plans
- Testing including determination of minimum gateway requirements under IRC Sections 401(a)(4) and 410(b)
- Ensure minimum coverage requirements under IRC Section 401(a)(26) are satisfied
- Monitor maximum annual additions and lump sum payouts under IRC Section 415
- Determine Top Heavy status and required minimum contributions under IRC Section 416
- Prepare Summary Annual Report for defined contribution and non PBGC covered defined benefit plans for distribution to the plan participants
- Prepare Annual Funding Notice for PBGC covered defined benefit plans to be distributed to the plan participants
Special Services
- Plan drafting and design
- Amendments
- Mergers
- Terminations (including PBGC submission for defined benefit plans if required)
- EPCRS correction programs